As C-level executives begin to see the value of data and analytics, new research suggests that they are striving for high-quality information to achieve their business initiatives.
Recently, Experian conducted “The 2018 Global Data Management Benchmark Report” to gain more insight into how executives are utilizing data to their advantage. At the time of the report, the majority of respondents (52 percent) said that they believed data and analytics would provide “a key source of opportunity in the coming years.”
Many of the respondents believed that data and analytics were already giving them strategic advantages. Most (61 percent) stated that it was enhancing their relationships with customers, and 59 percent said it was giving them better insight for decision-making. Fifty-seven percent claimed that it was making for more efficient business practices.
Moving forward, 52 percent of respondents said they would like to maintain high-quality data to increase overall efficiency. Forty percent said they believed it could improve cost savings, while 39 percent stated that it could potentially help them protect their company’s brand or reputation.
Marketers’ Use of First-Party Data
Marketers are gaining insight into more data and analytics, but how is it helping them achieve their top objectives?
Katana recently conducted a survey to determine how B2B marketers were utilizing data to enhance their overall strategies. The majority of respondents (80 percent) said they were now collecting and incorporating first-party data into their marketing efforts.
About 88 percent of marketers claimed they were utilizing first-party data, in particular, for retargeting purposes. This was followed by email (60 percent), banners (60 percent), and mobile (51 percent).